Promissory Note for Multiple Advances | Canada
Overview of the Grid Note
The downloadable Grid Note, also known as a Term Note, is prepared to secure multiple advances of loan proceeds. This document is suitable for use in various lending scenarios where funds are released in stages rather than as a single lump sum.
When and Where to Use This Form
The Grid Note is structured to cover multiple advances or stages of funding. It is particularly relevant in cases where the lending agreement specifies that loan proceeds will be disbursed in separate instalments over time.
This form of Note is frequently utilized for construction financing. In such contexts, numerous advances of loan proceeds are often required as the project progresses through various phases.
This form can be used across Canada, making it a versatile tool for borrowers and lenders engaged in lending agreements nationwide. A different French-language form may be required in Quebec.
Format and Usability
Provided in MS Word format, the Grid Note is easy to download, fill in with the necessary details, and print for use in your lending transactions.